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BigscreenEnt
Moderator
Registered:12/02/11
Posts: 17
Posted 4 days ago #8
Hello,
We have previously announced in a press release the purchase of DEATH WISH (remake) for release in China. HiFEX/BSEG Chairman, Dr. Jimmy Jiang has been acting as a bridge for films from the US to China.
The Chinese market and the Chinese box office is one of the biggest in the world. They are building over 200 new theaters a month. To date, they have over 30,000 screens which is far more than the US and Canada combined.
However, China has very very strict rules for other foreign countries releasing films in China. A quota of 34 films which is usually given to the bigger studio releases. These 34 get a box office split.
Then the China government allows up to 40 films with a full buyout (no box office split), however a fairly good MG (minimum guarantee) is paid up front.
Each film must go through a tight regulation both legally and for censorship. This can be costly for each film.
This quota above includes ALL films made outside of China not just US. China Film Group/China Government controls very tight reins on what they allow in to the massive China Box Office. They have many of their own films. For example Wolf Warrior 2 which made over $500million USD last year surpassed The Fate of the Furious which was the champ.
Recently as of a week ago, China's Monster Hunt 2, did $90 million USD in one day for the beginning of the Chinese New Year.
Dr. Jimmy Jiang and Ms. Kates have very good relationships and have been strengthening their partnerships with top people in the China Film Community. As a result, for an independent company, we are releasing 4 films HiFEX/BSEG have been involved with in some capacity for the China Box Office. These films have been announced and details are listed in BSEG filings.
Ozzy, Death Wish, Papillon and a WW2 film which HiFEX/BSEG are acting as a servicing/post production company or have purchased and sold to China partners for release.
Information on revenue and company involvement have been on all financial reports and our 15C211 reports for the last year and a half.
The Companies hope to continue expanding in this area as we learn more and more about working with the US and Chinese box offices.
The last 3.5 years have consisted of our small, but mighty companies learning and expanding into this potentially lucrative market.
